against the crisis it reacts very late. and on the other hand once the government. what to do. they go roaming the snow doing their job properly looking good in the note obama for people to wake up otherwise we'll just become slaves to the system who want to be treated as humans and they believe they can make a difference. the government has to change things because they don't have a choice. with greece in shambles and neighboring portugal trashed by the rating agencies spain is facing not just a financial but a deepening social crisis members of the so-called indignant marches say they want their dignity preserved but whether their calls will be heard is a whole another issue even those corteen madrid. greece is a tamms to solve its financial crisis also saw thousands take to the streets some

turning to violence and financial analyst max geyser agrees with the protesters who feel the latest one hundred nine billion euro bailout with will only plunge the eurozone deeper into trouble. it increases the amount of debt it increases the amount of debt in the eurozone it is increased of the amount of debt in grace so this is a plan cooked up by bankers to repackage risa characterize resell debt that's what they do and it crowds out the real economy so if they think that this is going to help the economy grow their way to a position of paying off this debt or paying the interest on the debt that's not going to happen because by giving bankers more dead to control the productive part of the economy you are eliminating that part of the economy's ability to pay off this debt so the banking cancer is just becoming worse in the eurozone and worse in greece running up the banks there but not bailing out the workers or the people who

are on the ground so to speak they're bailing out european banks they're bailing out wall street banks they're bailing out other banks in so doing they're increasing the debt load so it's making the situation much worse and they're crowding out any ability for the workers in greece to generate enough income to pay off this debt this is consigning the population to debt servitude. max kaiser there and in the u.s. the republicans the democrats failed to strike a deal to resolve the nation's debt ceiling crisis over the weekend but secretary of state hillary clinton who's in hong kong during a tour of asia says she has no doubt an agreement will be reached before next week's deadline well let's discuss this with economic analyst martin is in on this one and again thank you very much for being here with us in the program so how realistic is this then for the republicans and democrats to to make a deal by the end of next week. frango speaking it doesn't matter

whatsoever because the united states is essentially bankrupt in any case if they increase the debt ceiling actually as the chinese rating agency dugong has been saying even if they find an agreement and they increase the debt ceiling well what is going to be as a result more debt so if the u.s. has thirteen point five trillion off dead and that starts the nomination of the budget it's not even the fiscal deborah including all of the unfunded liabilities that the united states government actually keeps of the books and if you include this figure really a looking at two hundred trillion us dollar of it's absolutely beyond control and all timidly it appears that the united states will be facing a sovereign debt crisis very much along the lines of the so-called pigs your. refinery as a bit also of the other european supposedly stronger countries so the expect a major major sovereign debt crisis from the major some countries. suggest that investors should stay out of the region and look for a form called sort of

a commodity is taught to hedge for protect against what's going to occur well we'll talk about europe a little bit later in more detail but let's now focus on u.s. china relations we know that clinton is now a touring asian china's the largest foreign holder of u.s. debt and is particularly concerned is clinton's appeal to china and others not to lose faith in american economic model enough at this stage in your opinion. very of course that's a challenge for china and i think. the exports are obviously the reason why china has been keeping supports the u.s. dollar and has it has been keeping buying u.s. treasuries and they're doing the same as the eurozone they have tried to support of the lay it is yours and that crisis by. stating that they would support the euro zone periphery countries that have been buying debt but ultimately i think even the chinese government has a better understanding than most western leaders where this thing is heading and if

you ask me i think they're simply buying time to develop their own consumer market and then when that's ready i think they're called probably deal with a fall out of our sovereign nation of bankruptcy of the united states of the western countries by the challenge it will clearly be for everybody and even china has got their own difficult to deal with there's a lot of talk about the local government in china we would like to say though is that if you include if you're looking at the government in china plus the local government debt we're told a fair go still smaller than what the western countries having to deal with allows it china's economy and fusco position is quite strong actually that in the first of all of this year they had a tax increase tax revenue increase of thirty percent of you think they're actually quiet and quite strong position to deal with the fallout and that's why we said it's asia especially china is a better place to look at safer place to look at or to a part fund invest when this storm really hits in the western countries well

especially so china's economic growth over the past few years has been a matter of concern for many in the west and the united states is no exception so if china continues to develop as it does now is it likely to surpass the us economically any time soon. yeah absolutely the i.m.f. has predicted that the u.s. economy in real economic output terms of the united states as the world number one in two thousand and sixteen and then you have other in the pen of those other think . foreign based in new york actually said. that china wants the u.s. maybe as soon as next year and if you're looking at severe physical production and also the commodity consumption in china in many regards china is already number one so we would say. there may already be actually number one right now or very very

close to it and then if you're looking at the undervaluation of the remnant be on a purchasing power base is that the i.m.f. puts a twenty three percent on the moderation and maybe even more so again currency of wise economy wise you would say it's a relatively easy choice where you want to be in of course that doesn't really help the economies in the rest but but we always look at things from an investor's perspective and there clearly a risk in the rest and southern in the major countries is still vastly underestimate if you think domino effect will happen to spain italy then also catching on to france which have huge exposure to its earliest spain and greece and this will also catch on to say you ok and us eventually saw again you say the risk of a sovereign debt crisis and the rest is vastly underestimated and the risks in asia generally and in china generally are always to manage it well mr hannigan let's not talk about. china relationship especially in the view of what news had. him since

the defense cuts across europe and u.s. economic woes will diminish needles global role and leave china as the world's policeman would you agree with that. so would you say that again in terms of pollution on terms of. their relations between nato and china now i'd like to focus on that in light of especially in light of want. and sad that defense cuts across europe and u.s. economic world he's expressing concern that that will diminish needham's global role and leave china as the answer policeman do you agree was this. obviously i mean there's a lot of talk always in the west of are the dangers of china china's military growing and how much of their is this poses to asia and the rest of the world but if you're looking at how much the united states is spending on military versus china it's totally disproportionate the u.s.

is spending a lot more the only difference is the u.s. is doing that is borrowed money and they can't afford it so they have to end sort of hopefully hopefully quiet so if they don't have an agreement is there and they have to cut massively on spending somewhere but generally yes i think i would see this as some some quite positive if china's role on this in this area is growing to counterbalance some of the nature and in the u.s. influence certainly what we have seen so far even was everybody criticizing china constantly for human rights but if you're just looking at the plain facts of who has been attacking more third countries clearly it's europe and the united states who are meddling in a lot of other countries is far more serious consequences so far saw. a global influence on all regards is growing massively and we were seeing there actually something positive all right martin hannett thank you very much indeed it economic analyst talking to us from hong kong there thank you. to other news now the man

charged with carrying out friday's twin attacks in norway is due to make his first appearance in court to explain his actions thirty two year old outers behring breivik has admitted responsibility for a bomb attack in the capital and a massacre at a youth camp however he has denied any criminal guilt for the terror that claimed at least ninety three lives critics said he wanted to start a revolution to defeat liberal immigration policies and the spread of islamic a bomb and also targeted buildings connected to norway's governing labor party and the youth camp on the toil island was also run by it under norwegian law he faces up to twenty one years in jail for the atrocities himself described as gruesome but necessary investigative journalist tony gosling told r.t. the case highlights a new brand of terrorism. anders breivik thought he was some kind of teutonic knight from medieval times because he's echoing the kind of crusader attitude and it's a very strange version of christianity that he. is he says he's

a christian i don't think he is maybe the same kind of strange version of christianity that bush and blair have been coming up with over the last ten years or so so i think that this is actually the tip of an iceberg is actually quite a lot of this neo nazi activity out there and now i think the antiterrorist or thought he's right across the world are going to have to take this brand of terrorism much more seriously and particularly worrying is that he was a freemason and but even as declared that he was a freemason i would imagine that the norwegian police are now going to be talking to other all the other members of any masonic lodges that he was in because this seems to be the place where this kind of fake christian rather nasty racist ideology was cooked up i would also add that it was interesting that the police said they never come across him before the norwegian police but i wonder very much i wonder if the secret service in norway has been watching him because it was very strange that when he was first arrested on friday the police actually called out

his name to him now it was very i would be amazed if they would have actually known as they first approached him what his name was i would have thought that from the arrest point that's where the investigation would have started from. and on the way here in r t fighting the onslaught of a deadly drug by the crowd on the substance known as crocodile could also affect innocent painkiller users and russia. germany has decided to weigh in on nato campaign in libya despite abstaining from a u.n. vote on military intervention back in march berlin says it's loaning a hundred million euro to the rebels for civilian and humanitarian purposes but germans initially opposed action in libya but chancellor angela merkel has since expressed hope the nato mission succeeds berlin's also recognized the transitional transitional national council as little judgement the government of libya alone comes as billions of dollars of colonel gadhafi assets remain frozen offshore banks

despite the coalition's pledge to give the money to the rebels german government consultant chris of her still thinks berlin has a vested interest in tashan in on the war. it is really a big question what this money is being used for first of all who controls that then next has nato ever cared for the civilian population in libya i don't think so a group of countries bombing libya and using uranium weapons that of course is a group of countries not caring for the civilian population abstaining just being neutral in this case of course was not enough because nato has used the security resolution as a you know free hand to do just anything they want in effect they are fighting on the side of the rebels they're fighting the libyan government nobody knows where nato will decide to you know protect some civil populations and then mean away or kill the government more than twenty billion dollars in freeze assets this money is

going to be used to help the rebels but of course that is in a way totally illegal you can't just take money away from from governments and give it to rebels germany wants a piece of the cake to be to be clear germany wants to maintain its fifteen percent of the libyan oil as a percentage of the total oil imports of germany. the tory is one time a bay prison camp has been ruining lives and reputations for years many detainees went on to be released without charge after years of torment spoke to former detainee morocco knox who says he was a victim of sadistic torture methods the full interview is coming up in around fifteen minutes time. i saw many people got killed on the torture and saw. i was one of those who survived those kind of closure on myself they used electroshocks because i will not sign papers and. i was forced to agree

that i am be a member of god you want to go and i was not even really i didn't know at the time what used to be when they asked me about a tighter and tighter gun i said i'm not a member of them and they brought me papers plus me to sign i refused and that's why. they forced me to write me to sign make them sign by electoral electroshocks and other times the force of the water treatment it's normal on the water boarding another time they hang on chains i had chains on my hands and i was hanging on the ceiling there was pulling me on the ceiling with a chain and you into my feet used to be over the floor and i had no clothes on so i was hanging there for many days then the interrogator came he pulled me back down and he asked me are you going to sign or not every time when i said no he just made like this and they're putting that up.

the bodies of all the victims who died when a pleasure cruiser sank in russia's tatarstan republic two weeks ago have been recovered one hundred twenty two people perished in the country's worst water disaster in decades the bulgaria went down in minutes on the mall the river with two hundred to one aboard seventy nine were. rescued the ship has been lifted from the river bed and told to shallow waters were the haul is to be drained to help investigators establish the cause of the tragedy the boat's owner is under investigation and two people have already been charged with violating safety regulations. now let's take a look at some other stories from around the world mexican authorities have arrested more than one thousand people in a crackdown on human trafficking and sexual exploitation the arrests were made throughout the weekend in a mexican northern city of sit out of juarez police say they also rescued a few dozen underage girls the city is known as the deadliest in the country with

over three thousand murders committed there last year alone. the new york hotel maid who accused former i.m.f. chief dominique strauss kahn of attempting to rape her has spoken out for the first time thirty two year old deol zero revealed her identity and details of the alleged attack saying she wanted strauss kahn to go to jail she gave a magazine interview as authorities consider whether to drop charges amid doubts over her credibility kind nice seven counts of sexual offenses and has been released from house arrest. my right side jacked an italian diesel tanker with twenty three crew members on board in western africa the attack was carried out on sunday in the gulf of guinea off whose navy is pursuing the vessel most of the crew are from romania and the philippines with two italians incidents of this kind are more common off the east coast of africa usually by somalia pirates. last suspect on the international war crimes tribunals list of one hundred sixty

one fugitives is to face the un court at the hague on monday. was arrested last week in serbia after seven years on the run he's accused of atrocities during the conflict between gratian and use live in the early ninety's ranging from murder to religious persecution. cheapness and availability have turned a highly toxic. co dean based drug known as crocodile into russia's second heroin in an attempt to stamp out the use of the deli substance from next year painkillers will only be available by prescription but as r.t. is it a variety of reports the new law could lead not addicts to suffer instead. what they call the crocodile because its users skin turn scaly before it falls off virtually unknown ten years ago it's a mixture of perch old solvents phosphorous and most importantly cheap medicines containing the painkiller codeine it's now become rich the second most popular drug

the heroin to which the cheaper and more easily available alternative injecting this lethal cocktail will rot a user's flourish in months most die wouldn't three years have been the be using it for two months i wish i never started. the government's come up with a simple solution for now i can still buy code being containing drugs off the shelf but from next year on words all need a prescription to do that statistics show that nearly half of russians use these drugs on a regular basis the vast majority of them for completely legitimate reasons so in their fight against drugs is the government going too far as in throwing the baby out with the bathwater. coding is sold over the counter in most western countries but its sales have doubled in russia in five years and many say this is not a coincidence i think it was a mistake to start selling coding without a prescription in the first place by making it the most easily available opiate it

spawned this problem yet expert opinion has been divided some believe that this doesn't do enough to tackle the social cause of addiction and punishes innocent consumers. there is no efficient system in our country for issuing prescription it's those are the people who will suffer for the ordinary pensioners and housewives who need those medicines. the drugs then and the moscow suburbs we came here to ask what the users themselves think about the new law. i don't believe it would change anything that those who want to take drugs will take drugs we will buy them from the right pharmacies and if we don't get them to use something else we will always have something to inject. either of their of nerve see the mosque. the war news and updates says listen videos you can always go to our website or to dot com and here's what we have for you on line today are to ride in a plane to see how prankster is armed with lasers risk blinding

a pilot and causing a disaster during landing. also online on this day twenty five years ago saeed astronaut headline associates can be can the first woman to walk in space faring more than three and a half hours outside the ship. time now for business and data with dmitri. thanks marina hello and welcome to business it is the second largest utility addus on has renegotiated the pricing of its long term gas contracts with russia italian company says it might be able to save up to two hundred eighty million dollars in

this year on those believe the agreement could have a wide impact on other european operators many of them are seeking to renegotiate long term gas contracts with supplies from russia. russia is resuming vegetable imports from hungary in the past few weeks russia's consumer watchdog has also lifted restrictions on eight other e.u. nations including france belgium and the netherlands the ban on the verge was imposed early in june after a deadly outbreak of e. coli in germany. u.s. lawmakers are racing against the clock to forge a deficit reduction deal with the agreement would clear the way for congress to raise the fourteen point three trillion dollar debt ceiling if the politicians talks are stalled in the u.s. may suffer a damaging default but this could spur demand for u.s. bonds as the chief economist that explains why they hybrid reality as a result of the default in their states is increasing the demand for your state's treasuries

because you is treasuries he is in the largest market for low risk that sue if you increase closers as it's great you basically increase the risk of all in the overall system you all see many institutions which are requiring by law do increase the number or low risk for us it's in the park for lower. to the markets now an oil is declining for the first time in five days that's on concerns a failure to reach a deal on raising the u.s. debt ceiling may cause the biggest consumer of crude oil to default light sweet is therefore losing eighty two cents per barrel brant is just below one hundred eighteen dollars per barrel. gold prices on the contrary have surged to record highs as investors are seeking safe haven assets and then jitters on global

exchanges gold is that almost six hundred fifteen dollars per ounce silver forty dollars spiffier incentives across asia stocks are falling as investors fear the impasse in the u.s. debt talks will prompt a dramatic sell off in global changes with the nikkei and the hang seng a down point eight percent at this hour. almost two percent in the red and to you it is dropping one point two percent in hong kong petro china is one of the biggest losers on the decline in crude. take a look at the first opening picture in no rush hour for monday the r.t.s. has kicked off with a dip of point seven percent that's on the back of negative asian markets and a drop in the three price to my six will start trading in around two and a half minutes on friday all majors were among the top gayness but banking stocks were under selling pressure and ahead of the new trading week mark rubenstein fermentable lives he gives some names for investors to park their cash in. we have been seeing strong commodity prices i don't expect that to change in the near

future. i think gas from now. is a very interesting name i mean this fall on the correction in the past two weeks and with their oil prices back to where they had been i think gas promising even room to run without a name when we alike short charmin may. be i think this is a variance opportunity right now and it has had a run up fall in the government funds really or given to the bank of moscow and but i think it's going to continue it's still trades at about twenty five percent below it's been a bank and that's it from the business for now we will be back next hour with an update you can always log on so upset.

we'll. bring you the latest in science and technology from around the world. we've got the future covered. wealthy british style. that's what i was writing for.

the. market why not. find out what's really happening to the global economy cars report. back and watching r.t. here's a look at the top stories spaniards unite in anger over their government's failure to deal with the country's economic woes as thousands rally on the streets of madrid spain has the highest unemployment rate in the eurozone with over twenty percent of the population out of work. and the u.s. struggling to strike a political deal over its own death crisis with a possible default looming next week hillary clinton has a tampa tries to reassure asia's markets promising an agreement will be found. the mastermind behind the worst peacetime massacre in norway's history is to appear in

court to explain why carried out a twin terror attack that claimed over ninety lives brevik has admits responsibility saying his actions were not a crime but a call for change. germany makes a wide eighty turn in its stance on nato intervention in libya and approves a hundred million euro loan to the rebels and take it off the campus also in line for a multi-billion dollar cash injection from the international community if and when the handover of the libyan leader's frozen assets. once our big continues to wreck lives despite president obama's pledge to shut the notorious prison many detainees released without charge have shed light on what goes on there are he spoke to one former prisoner in iraq or nas who says the u.s. hasn't issued even a simple apology for his years of torment his interview is next. the united states held. them obey detention camp for five years before releasing him

without charge mr quinn as have you ever been given an apology or an explanation by the americans. and they did not what's even i don't thing that they are going to apologize for you were arrested in pakistan in two thousand and one why were you there here in germany i saw a group it's called jamaat to be helping. young people who have problems with drugs or homeless people who has problems at all they always come from pakistan they have their own fault eighty million members it's i thing the biggest group and they are nonpolitical and they are against war of course and they also hate and by taliban because they are against war but. when i went to pakistan i went to that very.